Industry News

Singapore’s job market is showing signs of recovery, with hospitality and tourism sectors spearheading the resurgence. According to Indeed’s latest data, job postings in these sectors have surged by 64.3% over the past three months. This rebound comes after a period of decline, with overall job postings in Singapore rising by 1.0% in September, ending two consecutive months of downturn.

The data highlights a notable trend towards job stability in certain professions. Nursing, food and beverage, and accounting roles are seeing longer career pathways, with workers in these fields showing a strong preference for staying within their industries. Indeed’s report reveals that only 11.9% of registered nurses and 12.7% of line cooks have switched professions between 2022 and 2024.

Conversely, sectors such as dental, childcare, and insurance have experienced significant declines in job postings, with reductions of 27.1%, 23.1%, and 17.6% respectively. Callam Pickering, Indeed’s APAC Senior Economist, noted, “Singapore job postings rebounded slightly in September, but we expect job postings to continue to moderate going forward.”

Despite the recent uptick, Singapore’s job figures remain 14.5% lower than a year ago, indicating a longer-term downward trend. The labour market remains tight, with a low unemployment rate of 2.0% and ongoing skill shortages. As the market adjusts, job seekers are motivated by various factors, including higher pay, career advancement, and improved work-life balance.

The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for the Upper Thomson Road (Parcel A) site, which closed today. The site, capable of accommodating 595 residential units and 2,000 square metres of commercial space, attracted five bids. Wee Hur Holdings, along with its largest shareholder GSC Holdings, submitted the highest bid at approximately $614m, translating to a land rate of $1,062 per square foot per plot ratio (psf ppr).

The tender’s outcome was influenced by the successful launch of the adjacent Springleaf Residence in August 2025. The absence of a mandatory requirement for long-stay serviced flats on the site also increased its appeal to developers. Wong Siew Ying, Head of Research and Content at PropNex, noted, “The flexibility provided by the URA, coupled with strong sales at Springleaf Residence, has boosted developers’ confidence.”

The top bid exceeded the second-highest offer from Frasers Property and Soilbuild Group by 2.1%, and was 13.7% higher than the lowest bid from Sim Lian Group. This marks a significant increase compared to the land price of the nearby Parcel B site, awarded to GuocoLand and Hong Leong Holdings in April 2024 for $905 psf ppr.

The Upper Thomson Road (Parcel A) site, previously launched in June 2024, initially failed to attract bids due to the requirement for serviced flats. However, the URA’s revised conditions have made the site more attractive. With the potential for connection to Springleaf MRT station and commercial space on the first storey, the site is poised to be a desirable development. The estimated average selling price for the new development is expected to be above $2,250 psf.

Royal Caribbean has marked the return of Ovation of the Seas to Singapore by collaborating with local singer-songwriter Nathan Hartono on an original track, “Come On Board With Me”. This partnership highlights Royal Caribbean’s dedication to celebrating Singapore as a key travel hub and creating culturally resonant experiences. The track, inspired by exploration and unforgettable memories, will be played onboard, enhancing the travel experience for guests.

Chad Grospe, vice president and managing director, APAC, Royal Caribbean, expressed that the return of Ovation of the Seas invites guests to embark on new adventures across Asia Pacific. He noted, “Music has the power to capture emotions in a way words alone cannot, and Nathan’s artistry makes him the perfect partner to tell this story of adventure, wonder, and connection.”

Nathan Hartono, who experienced his first Royal Caribbean holiday earlier this year, shared that the journey transformed his view on vacations. “Taking a holiday on Ovation of the Seas from Los Angeles opened my eyes to the adventure of life with Royal Caribbean and an entirely new way to holiday,” he said.

From October 2025 to March 2026, Ovation of the Seas will offer 3- to 8-night getaways from Singapore to destinations in Malaysia, Indonesia, and Thailand. Guests can enjoy a range of activities, including the North Star observation capsule and RipCord by iFly skydiving simulator, alongside over 20 dining options and spectacular shows.

Twothree Design Pte. Ltd., a renowned interior design studio in Singapore, has unveiled a new initiative aimed at promoting sustainable living through eco-friendly renovations. The programme, announced on 24 October, seeks to minimise the environmental impact of home renovations by incorporating recycled materials and eco-conscious principles throughout the design and build process.

The initiative is part of Twothree Design’s commitment to addressing the growing concern of renovation waste in Singapore. As a CaseTrust and bizSAFE-accredited firm, the company plans to prioritise sustainable materials, such as recycled composite surfaces, low-VOC paints, and low-formaldehyde plywood. Additionally, advanced waste-minimisation protocols will be implemented on-site to significantly reduce the carbon footprint.

Director of Twothree Design, Dickson Phoon, emphasised the importance of responsibility in design, stating, “Good design is not just about aesthetics; it’s about responsibility—to our clients, our community, and our planet.” He highlighted the increasing awareness among clients regarding their environmental impact and their desire for homes that are both beautiful and sustainable.

A crucial aspect of the initiative is educating homeowners about the benefits of sustainable choices, including improved indoor air quality and the long-term cost-effectiveness of green materials. This aligns with the firm’s mission to empower homeowners to make informed decisions for their renovation projects.

Twothree Design’s initiative demonstrates a significant step towards integrating luxury with sustainability, setting a precedent for the industry. The firm aims to lead the change, proving that eco-friendly practices can coexist with high-end design.

Bikram Sen has rejoined the Bank of Singapore as the Market Head for Global South Asia and International, effective 21 October 2025. Sen, who previously worked at the bank from 2013 to 2021, returns from UBS, where he successfully led the migration of the Credit Suisse NRI business. Based in Singapore, he will report to Zubin Dabu, Market Group Head for Global South Asia and International.

Sen brings over 20 years of experience in private banking and asset management, having held senior roles at Credit Suisse, Coutts, Standard Chartered, and UBS. His expertise is expected to enhance the bank’s strategy and growth in the Global South Asia and International markets, which are key client segments served from offices in Dubai, Singapore, and London.

Ranjit Khanna, Head of Private Banking Europe & Middle East and Chief Executive of the DIFC Branch at Bank of Singapore, expressed enthusiasm about Sen’s return. “We are delighted to welcome Bikram back to the Bank of Singapore family. His return speaks to the strength of our platform and the exciting growth journey that we are on,” Khanna stated.

Sen’s appointment is anticipated to sharpen the bank’s focus on its Global South Asia and International strategy, accelerating growth in these regions. His leadership and broadened perspective are seen as pivotal in driving the bank’s ambitions forward.

Ecube Car Rental, a prominent car leasing provider in Singapore, has expanded its fleet with a variety of new models to cater to the increasing demand for rental vehicles. This strategic move aims to provide customers with more options and flexibility, particularly as car ownership becomes more expensive in the city-state.

Unlike traditional rental companies, Ecube employs a customer-first procurement model, focusing on long-term leases of at least one year. This approach targets a diverse clientele, including private-hire drivers, families, and corporate clients, who seek reliable mobility without the financial burden of owning a vehicle. Notably, Ecube offers a no restrictions policy, sourcing specific makes or models upon customer request.

The newly acquired fleet includes family-friendly multipurpose vehicles like the Toyota Noah and Voxy, premium models such as the Toyota Alphard and Vellfire, and practical choices like the Kia Niro and Honda Freed. Luxury options, including the Mercedes-Benz GLB 200 and CLA series, as well as the BMW X2 and 4 Series Gran Coupé, are also available. Most vehicles are hybrids, with petrol and electric alternatives, featuring modern amenities like solar window films, recording cameras, and Android-based infotainment systems.

Allen Lim, Director of Ecube Car Rental, highlighted the impact of soaring car prices in Singapore, which has led many to reconsider car ownership. “With our services, customers will no longer have to deal with the hassles of ownership such as yearly inspections, insurance, road tax, or unexpected breakdowns,” Lim stated. Ecube provides 24-hour assistance and replacement cars in case of accidents or breakdowns, ensuring a hassle-free experience.

Ecube Car Rental continues to offer competitive leasing rates and tailored rental options, reinforcing its commitment to customer satisfaction. For more details on their latest fleet additions, visit their website.

DBS Bank has partnered with Mastercard to introduce Singapore’s first rewards redemption programme tailored for gamers. This initiative allows DBS/POSB cardholders to convert their DBS Points into gaming credits for popular titles such as EA Sports FC, Call of Duty, and platforms like Steam and Xbox, using the DBS PayLah! app or DBS Rewards online.

The collaboration leverages Mastercard’s Gamer Exchange, a digital solution designed to integrate seamlessly into loyalty programmes. Ananya Sen, Head of Regional Consumer Products at DBS Bank, stated, “The integration of Mastercard Gamer Exchange into our DBS Rewards ecosystem reflects our commitment to helping customers maximise the value of their spend in ways that are connected to their passions.”

With Asia home to 1.48 billion gamers, the initiative highlights the growing importance of gaming in mainstream lifestyles. Mastercard’s Kaveri Khullar noted, “Mastercard Gamer Exchange was conceived to deliver tangible value for gamers whilst addressing the disconnect between legacy loyalty programmes and modern consumer behaviour.”

The programme supports micro-redemptions, enabling cardholders to access gaming perks even with low point balances. This move aligns with the increasing gaming spend among DBS cardholders and the projected growth of the global gaming industry, expected to reach $363b by 2027.

As gaming becomes a significant cultural and economic force, DBS and Mastercard’s collaboration aims to meet evolving consumer preferences by transforming loyalty points into passion-driven experiences. The bank plans to expand this programme to other key markets, further integrating gaming into everyday financial interactions.

OUE REIT Management Pte. Ltd., the manager of OUE Real Estate Investment Trust (OUE REIT), has announced a resilient operational performance for the third quarter of 2025. Despite a year-on-year decline in overall revenue and net property income (NPI) due to the divestment of Lippo Plaza Shanghai, both metrics increased on a like-for-like basis by 1.2% and 2.0% respectively, driven by the strength of its Singapore-centric portfolio.

The commercial segment, comprising office and retail properties, saw revenue and NPI rise by 4.2% and 3.8% year-on-year, supported by prime locations in Singapore. The hospitality segment remained stable, with a slight NPI decline of 0.4% due to the rescheduling of the F1 Singapore Grand Prix. Finance costs saw a significant reduction of 19.7% year-on-year, attributed to disciplined capital management and a decrease in the Singapore Overnight Rate Average.

Chief Executive Officer Han Khim Siew highlighted the portfolio’s resilience amid economic uncertainties, noting, “Our prime commercial assets achieved positive rent reversions and sustained high occupancy.” The Singapore office portfolio recorded a positive rental reversion of 9.3% for lease renewals, whilst Mandarin Gallery, a retail asset, achieved a positive rental reversion of 5.6%.

Looking ahead, OUE REIT aims to optimise asset performance and explore value-creation opportunities. With a focus on tenant retention and proactive market engagement, the trust is well-positioned to capture trends in the Singapore office and retail markets. The issuance of S$150m in Green Notes further strengthens its financial position, extending the average term of debt and reducing future obligations.

The Singapore Department of Statistics has reported a 0.7% year-on-year increase in the Consumer Price Index (CPI) for September 2025. This marks a 0.4% rise from the previous month, indicating a modest upward trend in consumer prices.

The CPI is a critical measure of inflation, reflecting changes in the price level of a basket of consumer goods and services. The September figures suggest a steady, albeit slight, increase in inflationary pressures within the Singaporean economy. This data is crucial for policymakers and economists as they assess the economic landscape and make decisions regarding monetary policy.

These developments underscore the importance of staying informed about economic indicators, which can impact everything from household budgets to national economic policy. The CPI data will continue to be a focal point for understanding Singapore’s economic health in the coming months.

Singapore’s industrial sector demonstrated resilience in Q3 2025, according to the latest JTC Industrial Statistics. The manufacturing sector experienced a 6.1% quarterly growth, reversing previous declines, although it showed no annual growth. Leonard Tay, Head of Research at Knight Frank Singapore, highlighted the sector’s stability amidst economic volatility.

The all-industrial price index rose by 0.6% quarter-on-quarter, with significant transactions such as the sale of a data centre for S$354m and the acquisition of multiple properties by an EZA Hill-led consortium for S$329m. Despite a 9.2% drop in sales volume and a 34.1% decline in total sales value to S$1.5b, easing interest rates have attracted institutional investors back into the market.

The rental index increased by 0.5%, with occupancy rates improving slightly to 89.1%. Although leasing activity slowed, rental growth was noted in certain segments. Tay noted that “local SMEs are selectively exploring suitable premises to purchase for business continuity.”

Transport engineering, particularly aerospace, continues to expand, driven by increasing air travel accessibility in Asia. ST Engineering’s new facility in Paya Lebar is set to double engine maintenance capacity by 2027. Additionally, the development of Tuas Port is expected to boost shipping and logistics activities, with PSA Singapore and Cosco collaborating on a new facility.

Investor interest in industrial properties is projected to remain strong, with prime logistics, data centres, and specialised manufacturing facilities attracting attention. The all-industrial price index has risen 3.6% in 2025, with factory values expected to grow closer to the higher end of the 3% to 5% range.